CBRE, on behalf of Ford Motor Company, will seek offers from developers for the 143-acre former Ford Motor Company assembly plant site along the Mississippi River in St. Paul, Minnesota. With new zoning in place, all demolition of the assembly plant completed and the environmental remediation to be finished soon, the Ford site is among the best current mixed-use development opportunities in the market today.
In the years since closing the auto assembly plant, Ford cooperated with the City of St. Paul to envision a future for the site while preparing the land for redevelopment. Richard Palmiter, Brian Pankratz and Steve Lehr with CBRE Land Services began marketing the site for sale in December, aiming to reach developers experienced in a wide spectrum of asset types on a local, regional, national or global scale. CBRE has received considerable interest from the development community and will seek offers, due by February 23, 2018, from interested parties with a vision for the site.
The zoning framework for the site calls for a new mixed-use urban neighborhood on the banks of the Mississippi River that will provide a unique and attractive live, work and play environment. The Ford site opportunity offers an array of redevelopment prospects including apartments, condominium, townhomes, senior housing, student housing, hotel, office and retail located within the affluent and trendy Highland Park neighborhood.
“The Ford site is an unparalleled opportunity to build a new, modern community within a fully built-out urban environment. We anticipate hearing more from developers that will build upon the new framework the City of St. Paul recently put in place,” said Mr. Palmiter, a CBRE Vice President. “Our client is committed to considering offers from capable developers that will recognize the full potential of this exciting property.”